LendingStandard closes $6.7M round with Flyover Capital among key longterm investors
June 6, 2023 | Startland News Staff
A Kansas City startup’s efforts to streamline the commercial real estate industry are not only reducing wasted time and frustration for lenders and borrowers, said Keith Molzer, it’s making good on investors’ expectations of the tech-driven Saas marketplace.
“LendingStandard has listened and responded to what the market needs,” said Molzer, founding managing partner at Flyover Capital and board chairman at LendingStandard. “As one of their earliest investors, we’ve seen them grow and are eager to watch their next steps.”
The startup on Tuesday announced a $6.7 million round of equity funding, led by Naples Technology Ventures (NTV) with participation from Kansas City-based Flyover Capital and existing investors.
Founded in Kansas City, Kansas in 2015, LendingStandard offers commercial real estate (CRE) lenders a single platform to manage the loan process across all their products. The company’s comprehensive commercial real estate finance platform increases efficiencies by up to 45 percent for clients working with some of the most complex loans.
Its platform is used by three of the top 10 U.S. lenders, and the company looks to rapidly expand its market share with this new round of capital, said Andy Kallenbach, CEO of LendingStandard.
“We’ve had amazing feedback from our prospects and clients over the last few years, and that input has driven us to reimagine how we can expand to serve the commercial real estate industry more robustly,” said Kallenbach. “This round of funding will help us push the platform — and our experienced enterprise team — forward faster.”
In recent years, LendingStandard has meticulously rebuilt its platform to support not just underwriting, but managing and optimizing the entire commercial real estate process from quote to close, according to Kallenbach. The company’s next-generation platform has also expanded to cover a larger spectrum of loan types, from Fannie Mae and Freddie Mac loans to balance sheet lending.
“At a tough time for the industry, commercial real estate lenders need to make the most of every single deal,” said Mike Abbaei, managing partner at NTV. “Our team is proud to support LendingStandard in simplifying and modernizing commercial real estate lending.”
As part of the funding deal, Frank Strauss, advisor at NTV, will join the LendingStandard board alongside Molzer.
Featured Business
2023 Startups to Watch
stats here
Related Posts on Startland News
Food delivery service UberEATS launches in Kansas City
Ride-hailing service Uber announced Tuesday that it’s launched its food delivery service in the Kansas City area. UberEATS — a standalone app offered by Uber — allows users to order food from more than 70 Kansas City restaurants, including BRGR Kitchen + Bar, The Bite, Dixon’s Chili, Taco Republic, Smokey’s on the Boulevard and others.…
Digital Sandbox adds two startups to Independence program
Digital Sandbox KC announced Tuesday that it selected Drones4Hire and Hidden Abilities for its Independence, Missouri program. In addition to up to $20,000 in project development funds via Digital Sandbox, the program gives the startups access to workspace at WerksLab and business support via the Ennovation Center, a business incubator located in Independence. Drones4Hire’s platform…
UMKC and Rockhurst HS team up to add entrepreneurial thinking to curriculum
Although education innovation continues to grow in Kansas City, there is a visible gap between the “school world” and the “real world,” said Greg Owsley. “The school world and real world shouldn’t be separate entities — they should be connected,” said Owsley, STEAM director at Rockhurst High School. “It’s a very exciting time to be…
Made in KC opening two new stores in heart of city
T-shirts are great, Tyler Enders said, but local makers have so much more to offer. Retailer Made in KC is rapidly expanding its footprint across the metro to help Kansas City-based vendors reach an even broader customer base, said Enders, Made in KC co-founder. The company — which carries in its stores everything from locally…